News stories from Monday July 10, 1972
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- In one hour, the gavel will fall starting the 1972 Democratic national convention. After the welcoming speeches, the credentials of challenged delegations will be discussed and the fate of 271 California delegates will be decided. CBS news estimates that George McGovern will have 1,352 votes (if the California challenge holds) of the 1,509 which are needed to clinch the presidential nomination. Edmund Muskie has announced his support of the anti-McGovern forces regarding the California challenge.
Earlier today, Muskie called a meeting of all the Democratic presidential candidates in party chairman Lawrence O'Brien's quarters. The purpose of the meeting was to discuss compromising on the California challenge in order to maintain party unity. McGovern said that nothing was to be gained in a closed meeting of the kind proposed by Muskie, and he stated that the decision should be in the hands of the delegates. Muskie, Hubert Humphrey, Henry Jackson and Terry Sanford waited futilely for McGovern to arrive. Muskie said that his compromise would have given McGovern 75 of the disputed California delegates, and claimed that McGovern's convention manager (Senator Hughes) was prepared to offer compromises to the convention but cannot do so without McGovern's approval. Muskie therefore announced his backing of the credentials committee's decision on California.
[CBS] - George Wallace stated that he will meet with the other candidates if they come to him. Wallace says that he is physically fit due to the therapy he is undergoing, and he is capable of campaigning. Wallace will not throw his support to President Nixon, but will stay with the Democratic party. [CBS]
- Many groups would be powerful if they could stick together: labor, women, blacks. Rep. Shirley Chisholm proposed that the black caucus of delegates vote for her on the first ballot. Humphrey released his black delegates to allow them to vote for Chisholm, but the black delegates pledged to McGovern are being held back. [CBS]
- Both delegations from California are at the convention in case their slate is to be seated. Muriel Lustica, a McGovern delegate, is a California housewife. Lee Solomon, a Humphrey delegate, is a druggist and former Redondo Beach councilman. The settlement of the California delegate fight will determine which of them will be seated at the convention.
Solomon says that he wants to work in his small way for the good of the nation, and Humphrey represents middle-of-the-road Democrats. Lustica is a newcomer to politics and finds compromise hard to accept, but is trying to be realistic. She believes that unseating any part of McGovern's California delegation would be dishonest and immoral, and she fears the disillusionment of young people if the challenge is successful.
[CBS] - Heavy fighting was reported around Quang Tri city in South Vietnam. At An Loc, U.S. General Richard Tallman and three other American officers were killed by North Vietnamese artillery. Tallman is the 11th U.S. general to die in Vietnam. [CBS]
- Heavy American air strikes continued over North Vietnam. Hanoi claims that one U.S. jet was downed and its pilot captured. [CBS]
- North Vietnamese chief negotiator Xuan Thuy has returned to Paris for the resumption of the peace talks, and he stated that the Communists have a serious attitude and good will. [CBS]
- Kozo Okamoto of Japan, the lone surviving terrorist of the Tel Aviv airport massacre, went on trial in Israel and admitted his role in the shootings. [CBS]
- Judge Stephen Roth ordered that 300 school buses be purchased in preparation for the possible busing of students this fall between Detroit and its suburbs. Roth denied a request by the state of Michigan to delay further action. [CBS]
- Today's solar eclipse was only partial in the continental United States, but was a total eclipse further north in Canada. [CBS]
|
Stock Market Report
Dow Jones Industrial Average: 932.27 (-5.79, -0.62%)
Arms Index is the ratio of volume per declining issue to volume per advancing issue; a figure below 1.0 is bullish. | |||||||||||||||
| Market Index Trends | |||
|---|---|---|---|
| Date | DJIA | S&P | Volume* |
| July 7, 1972 | 938.06 | 108.69 | 12.90 |
| July 6, 1972 | 942.13 | 109.04 | 19.52 |
| July 5, 1972 | 933.47 | 108.10 | 14.71 |
| July 3, 1972 | 928.66 | 107.49 | 8.14 |
| June 30, 1972 | 929.03 | 107.14 | 12.86 |
| June 29, 1972 | 926.25 | 106.82 | 14.61 |
| June 28, 1972 | 930.84 | 107.02 | 12.14 |
| June 27, 1972 | 935.28 | 107.37 | 13.75 |
| June 26, 1972 | 936.41 | 107.48 | 12.72 |
| June 23, 1972 | 944.69 | 108.27 | 13.94 |